Microsoft revealed in a filing with the SEC that the IRS has determined it owes $28.9 billion, along with penalties and interest, in unpaid taxes. The audit, covering the period of 2004 to 2013, focused on the company’s alleged transfer of $39 billion in profits to Puerto Rico through an intellectual property scheme. Despite losing a lawsuit to force the IRS to release audit records, Microsoft believes its tax bill should be reduced by $10 billion due to taxes paid under the Trump-era Tax Cuts and Jobs Act. The dispute is expected to enter a prolonged appeals process.

Didi Autonomous Driving, the self-driving vehicle subsidiary of Chinese ride-hailing giant Didi, has secured up to $149 million in funding from two investors affiliated with the municipal government of Guangzhou. The financing will enable Didi to deepen its research and development efforts, foster industry collaborations, and expedite the widespread commercial use of autonomous driving technology. The relationship with local governments is essential in China to launch robotaxis, and the investment suggests accelerated progress in Didi’s robotaxi rollout in Guangzhou, where its autonomous vehicles are already operating commercially in the Huadu District. Didi aims to introduce self-developed robotaxis on a 24/7 basis by 2025 and has partnered with several original equipment manufacturers, including Lincoln, BYD, Nissan, and Volvo. Moreover, its collaboration with GAC is further strengthened as the companies have formed a joint venture to mass produce electric robotaxis.

Germany’s government has revised its economic forecast, predicting a contraction of 0.4% for 2023 due to the energy price crisis and global economic weakness. This downward revision aligns with forecasts from the International Monetary Fund and German economic think tanks. However, the government anticipates a rebound in the economy next year and foresees GDP growth of 1.3% in 2024 and 1.5% in 2025. Factors contributing to Germany’s economic challenges include inflation, an aging population, digital technology lag, excessive bureaucracy, and a shortage of skilled labor. Chancellor Olaf Scholz has called for efforts to simplify bureaucracy to boost the economy.

According to a report by Henley & Partners, the population of individuals worth $100 million or more, known as centi-millionaires, has doubled in the past two decades. The report reveals that there are currently 28,420 centi-millionaires worldwide, marking a 12% increase from the previous year and more than double the figure in 2003. This surge in super-wealthy individuals reflects the skyrocketing asset values driven by low-interest rates. Notably, the rise in tech wealth, particularly in the U.S., has also played a significant role in the growth of the super-wealthy.

The number of billionaires globally has climbed from under 500 in 2003 to over 2,600 presently. The abundance of money due to the 2008 financial crisis and subsequent low-interest rates has made centi-millionaires more prevalent in terms of dollars. However, with ultra-low interest rates becoming less prevalent, the growth rate for centi-millionaires is expected to slow down in the coming years.

The report projects a 38% growth in the centi-millionaire population over the next decade, reaching approximately 39,000 individuals by 2033. Although billionaires receive more media attention, centi-millionaires are said to be more representative of the world’s superwealthy as the threshold for wealth has shifted to $100 million. Interestingly, less-developed countries may have a larger number of centi-millionaires than billionaires. With little visible lifestyle differences between a centi-millionaire and a billionaire, aside from potential philanthropy, their lifestyles remain relatively similar.

TikTok has made significant updates to its Effect Creator Rewards program, aiming to offer more opportunities and higher payouts for creators on the platform. The $6 million fund, initially available only in select countries, will now be extended to an additional 14 nations. Eligibility requirements have been lowered, with creators needing to publish five effects and have three of them used in at least 1,000 videos to qualify. Additionally, the payout model has been revamped, featuring a variable payout rate and reduced payout increments. These changes come as TikTok continues its focus on supporting and incentivizing creators with its new Creativity Program Beta.

Amazon plans to raise pay for its operations workers in the UK and hire an additional 15,000 staff before the holiday season. The pay increase, effective from October 15th, will raise the base wage for frontline operations workers to between £11.80 and £12.50 per hour, and by April 2024, pay will further increase to between £12.30 and £13 per hour. The move represents a £170 million investment in pay from Amazon. However, the GMB Union claims the pay rise brings little comfort for workers facing poor pay, unsafe working conditions, and workplace surveillance.

Google Cloud has unveiled new artificial intelligence-powered search capabilities aimed at simplifying the retrieval of accurate clinical information from various medical records. By consolidating data scattered across multiple systems and formats, health-care workers can save time and improve efficiency. The search tool enables doctors to quickly obtain patient information such as medication history or eligibility for clinical trials. Google’s Vertex AI Search platform offers these features, prioritizing integration into clinicians’ workflows. Mayo Clinic, Hackensack Meridian Health, and Highmark Health are among the organizations that have tested the new capabilities.

The lull in bond selling continues as investors await U.S. jobs data that could influence interest rate decisions. Oil prices have provided relief with Brent crude futures falling from their recent high. The Asia-Pacific shares outside Japan have risen, while Tokyo’s Nikkei remains flat. The dollar is on track for its 12th straight week of gains, and U.S. Treasury yields have remained steady. Analysts believe that the recent bond sell-off may reverse due to tighter financial conditions. Investors are cautious ahead of the release of U.S. non-farm payrolls data. If there is another round of bond selling, it will strengthen the dollar even further. The beleaguered yen has shown some resistance, and a sudden jump in the Japanese currency has sparked speculation of intervention. Gold has remained steady amidst rising global bond yields. Australian fund manager Magellan Financial Group’s shares dropped to a decade-low as its assets under management continued to decline.

Citigroup (Citi) managers are currently assessing staff rosters to determine who will remain in their positions, be reassigned, or laid off as part of the bank’s major reorganization. In a global memo to staff, Citi’s chief human resources officer mentioned that roles would change, new roles might be created, and some positions that don’t align with the new structure will be eliminated. The reorganization, announced by Citi CEO Jane Fraser last month, aims to simplify the bank’s operations and enable revenue-generating staff to focus on clients. While the expected number of job cuts has not been disclosed, Citi’s workforce currently stands at 240,000 employees globally. The company will offer severance pay and notice periods for eligible employees whose jobs are eliminated. Citi hopes that the reorganization will boost its share price while giving the CEO more control over the bank’s businesses. The bank will release its third-quarter earnings on October 13.